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Iceni Gold Limited (ASX: ICL) (Iceni or the Company) is pleased to provide an exploration update on the Guyer Well Target Area.
Highlights
- High-grade rock chip assays have been returned from the Guyer target area with assays including:
136g/t Au 126g/t Au 67.4g/t Au 18.3g/t Au 15.5g/t Au. - Gold bearing rock chips support existing targeting work.
- Ongoing fieldwork has discovered over 700 gold nuggets along the Guyer Trend to date.
- More than 100 gold nuggets have been recovered during the last 4 weeks.
- Results from Guyer South AC drilling have identified bedrock gold anomalism beneath transported cover.
- Exploration work has located historic workings associated with the 11km long granite contact and the 7km long banded iron formation (BIF) Trend at Guyer.
- Mineralisation associated with granite contacts or BIF trends occur at major regional mines such as King of the Hills, Mt Morgans, Granny Smith and Sunrise Dam.
- Elevated tellurium (Te) in Guyer rock chip results is similar to nearby gold deposits known to have tellurides, like the Sunrise Dam, Wallaby and Jupiter gold deposits.
- The Guyer North target is presently being prepared for the commencement of exploration drilling.
Technical Director David Nixon commented:
“New high-grade gold results have been discovered within the Guyer target area, providing strong evidence of deeper buried mineralisation being revealed at surface by the Company’s ongoing exploration work.
The high-grade rock chip results from in-situ outcrop are exciting because they confirm and support the existing gold UFF+ soil anomalies.
The Guyer South AC drilling results also demonstrate that gold anomalism is concealed beneath deep transported cover.
The Guyer target area continues to deliver in-situ gold bearing rock chips and significant numbers of gold nuggets over key areas, and these results continue to strengthen the previous results from broad spaced Air Core holes, specifically at Guyer North, where a number of significant targets are being prepared for future exploration drilling”.
Figure 1 Gold rock chip assays across the Guyer Well target area and the Guyer South AC results.
Ongoing rock chip sampling across the Guyer target area has delivered several significant gold results, that include several high-grade gold results at Granite Contact South, Guyer North and East Well. The gold anomalism is supported by multi-element geochemistry, which reinforces the anomalies.
The majority of gold anomalous samples are hosted by quartz veining in granite, andesite or sediments, sometimes displaying evidence of sulphides or boxworks after sulphides.
Peak gold values from rock chip sampling include the following results:
Guyer North
Rock chip samples from the Guyer North prospect returned significant gold results that support the existing gold anomalies. Gold mineralisation was associated with quartz veining in andesite on the eastern side of the ridge at Guyer North. A number of these samples had anomalously high silver values when compared to gold. This geochemical relationship could be indicative of an earlier epizonal style of mineralisation.
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Navigating Uncertainty: How Trump's Tariffs Are Affecting the Gold Market
Read on to learn how tariffs have affected the gold market and price so far.
How have tariffs affected the gold price?
The gold price has been on the rise since the beginning of the year. After briefly touching the US$3,500 per ounce level in May, it has pulled back and was trading just under US$3,400 as of Tuesday (August 26).
Gold price, January 1 to August 26, 2025.
Chart via TradingEconomics.
Although some of its increase is attributable to the points mentioned above, a significant portion is owed to a lack of information surrounding US President Donald Trump’s tariff policies.
Initially there was no clarity on what or who was being tariffed, or when the levies would ultimately be implemented, and investors started to move into gold for greater stability and portfolio diversification.
Uncertainty about whether gold would be tariffed also had an effect, prompting traders in the US to import physical gold; this created a price differential between New York futures and the London spot price.
Concerns dissipated as the Trump administration began to nail down tariffs, but were reignited once again when US Customs and Border Patrol posted a ruling on July 31 indicating that the 39 percent tariffs against imports from Switzerland would include 1 kilogram and 100 ounce gold bars.
The news caused spot gold to spike more than 3 percent, from US$3,290 to US$3,398, and sent December futures to an all-time high of US$3,549. Meanwhile, traders halted imports of Swiss bars.
After several days of turmoil, Trump said the ruling was incorrect, and the bars would not be included in the tariff measures being applied to other Swiss imports; the gold price then retreated.
How would gold tariffs have impacted the market?
Gold functions as both a commodity and an essential part of the world’s financial system.
One kilogram and 100 ounce gold bars are used to back futures trading, and regular shipments of the metal are needed to settle contracts once they come due. A 39 percent tariff on gold from Switzerland would have been particularly disruptive, as Swiss refineries account for approximately 70 percent of the world’s gold.
According to the UN Comtrade database, in 2024, Switzerland exported more than 1,400 metric tons of unwrought gold worth more than US$106 billion, representing nearly 30 percent of the country’s total exports. Tariffs would have forced US buyers to pay a significant premium for the precious metal versus buyers in London or Shanghai.
Because gold is often used as a store of value in times of uncertainty, any kind of disruption could have had broader implications for investors looking to add stability to their portfolios.
In an email to the Investing News Network (INN), Lauren Saidel-Baker, CFA, an economist with ITR Economics, explained that gold stands out as a unique investment mechanism:
“There are psychological nuances to gold, which is commonly viewed as a safe store of value during uncertain times and an inflation hedge. Overall, the tariff would have added another facet to the already elevated policy uncertainty."
If the tariffs had remained in place, the US gold price would have had to rise to around US$4,700 per ounce to cover levies, while international prices would have remained closer to the US$3,500 mark.
“Tariffs have already complicated supply chains across industries, and this gold tariff would have been another example of added cost and complexity — but in this case, one with the potential to more directly impact investment activities,” Saidel-Baker went on to explain, emphasizing that US investors would have felt the pinch.
Could gold tariffs happen in the future?
Given Trump's unpredictability, especially when it comes to tariffs, it's possible that gold levies could enter the conversation again. However, by and large experts agree that the matter is closed.
“I think it’s pretty clear at this point that there’s no intention to put tariffs on physical gold imports, and I think that would be very damaging and destructive if they did,” Stefan Gleason, CEO of Money Metals, told INN.
Keith Weiner, founder and CEO of Monetary Metals, offered another perspective, saying that although the gold tariff threat is over, the tumult could have long-term effects on the market.
"Once you've put the scare into everybody, you can't just say, 'Oh, sorry, just kidding.' You can't really do that. And so now we've done damage, and we'll see what happens to that spread over time. We'll see how users of the futures market adapt. There are other markets in the world that would be competing for," he explained.
"This hedging business, you know, maybe it moves to Singapore, maybe it moves to Dubai, maybe it moves to London, and the US loses not only a little more trust, but also a little bit of volume on what had been the biggest — or what is currently the biggest — futures market," Weiner added to INN.
Market participants will be watching closely for future impacts on the yellow metal.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.